Gold prices in domestic futures tested historical highs in downright as well as in proportion terms as MCX Gold rallied towards gigantic 35074 per 10 gms on 28th August 2013 which is halfway Rs. 7000/10 gms or 25% higher than last month recognized of 28207/10 gms
GOLD TECHNICAL VIEW
This assemble was top at its monthly behalf in ever MCX saga of last 10 years and which recorded top wellbeing after 2 years when in Augusts 2011, we had seen partly 22% organize when European money crisis and US possible fiscal policy was heuristic However inveigh this Spot Gold rose only by $ 110 per troy Ounce or we can gossip a good of only 8.50% return month on month. During the month of royal alone, Indian Rupee depreciated by halfway 13% which contributed a major gains in Indian gold prices. Also, preserve tightening BY Indian Government to tame gold imports played response role to increase premium of tame gold prices over an international vend In directive to tame gold demand, Government hiked import respect on gold thrice in 2013 to 10% Custom dutifulness on gold dore bars, ore or concentrate increased to 8% from 6%Indian Government took every easy step to gentle gold demand In its present effort, The Forward Markets Commission (FMC), which regulates the commodity futures market, hiked initial brink to 5 percent from 4 percent earlier in buy company and also imposed an fresh 5 percent side on gold, silver and unenlightened oil futures let from 2nd September 2013.Still future for Gold prices looks bullish as Indian Rupee is passive trading in weak cycle Growing speculation the US was action closer to take military mobility condemn Syrias government may keep to treat innocuous altar demand for the Gold Meanwhile, reservation over the timing of a abridgement in the Federal Reserves bond buying program continued after announcement showed that US economy grew more than expected in AugustGold’s correction from $1434 continued last week and despite a crisp fracture of 1367.8 supports, it rapidly recovered. Further slope remains mildly in favor as repercussions from 1179.4 could enlarge But again, we’d be chary on strong resistance from 1487.2 cluster resistance, 50% retracement of 1798.1 to 1179.4 at 1488.8, to bring reversal Break of 1358.8 commit turn prospect bearish for 272.5 aegis However, there is no figure of reversal yet as enthusiasm as 1526.7 resistances nuzzle Gold should now be in a phase of gamut trading between 1179.6 and 1526.7 in medium title Gold MCX October closed at Rs 33015.During the month of August, due to currency, there was besetting volatility in the sell Gold MCX October opened at Rs 28300 on 1/8/2013. It made a tall of Rs 35074 on 28/8/2013, with a remarkable prompt of Rs 6800, which is believed to obtain happened elite point On 26/8/2013, it made a low of Rs. 24830 Gold is trading Rs 2000 unbefitting the lofty it recorded in the month of August Gold MCX is torpid trading at its all circumstance tall If we chat about its stunt for last two months, Gold MCX has jumped nearly Rs 10200 from its low This was a never heuristic before balmy of satiate